CALGARY, ALBERTA--(Marketwire - Nov. 14, 2012) - Surmont Energy (Surmont) has retained Western Divestments ("WD") to canvas the market for potential joint venture partners or acquisition proposals on its Wildwood oil sand project 70 kms south of Fort McMurray. Alternative proposals including financing may be considered. An application to build SAGD facilities for the first 12,000 bopd phase of the Wildwood SAGD project was submitted to the ERCB in October 2012.
Mark Smith, CEO of Surmont said that "the Surmont team is proud of Surmont's achievements over 2012. Surmont is now in a position to consider the options to finance, partner or sell that may be available and which would be most beneficial to Surmont and its shareholders." Surmont has, since incorporating late in October last year, acquired its lands, conducted a 3D seismic survey, carried out a corehole drilling program, confirmed the project's production potential, and submitted its project application to ERCB.
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ABOUT SURMONT ENERGY LTD.
Surmont Energy Ltd. is a privately held oil sands company founded in October 2011 and headquartered in Calgary, Alberta. The Company focuses on utilizing environmentally responsible technologies to carry out profitable development of oil sands and heavy oil projects in western Canada. Surmont's initial project is located on a 12,000 acre block of oil sands leases in the heart of Alberta's steam- assisted gravity drainage (SAGD) project region, in respect of which the Company has submitted regulatory applications for its 12,000 BPD first phase of the Wildwood oil sands project.
For further information, please visit Surmont's website at www.surmontenergy.com
This information release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law including, but not necessarily being limited to, final regulatory approval from authorities with jurisdiction. Forward looking statements are frequently characterized by words such as "plan", "expect", "estimate", "intend", "believe", "anticipate", "proposed", "prospective" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward- looking statements are based on Surmont's experience and current beliefs as well as assumptions made by, and information currently available to, Surmont, and are subject to a variety of risks and uncertainties including, but not limited to, those associated with resource definition, unanticipated costs and expenses, unavailability of key inputs, regulatory approvals, fluctuating oil and gas prices, and the ability to access sufficient capital under suitable conditions. Although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions and factors discussed in this information release are not exhaustive and readers are not to place undue reliance on forward-looking statements. Surmont expressly disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, subsequent to the date of this message, except as required under applicable securities legislation. The forward-looking statements are expressly qualified by these cautionary statements.